THE TAX BENEFITS OF OWNING A HOME
Homeownership is the biggest investment you can ever make. All things being equal, we expect equity in homeownership; just as we expect profit when we invest in stock and bonds. Homeownership comes with pride and the feeling of accomplishment, which leads to tax benefits: -
(1) According to the Homeownership and Business Assistance Act of 2009, first time homebuyers get an $8000 tax rebate. This expires April 30th 2010.
(2) Also the Homeownership Act of 2009 provides a $6500 tax rebate to those whom have been owning for at least five years or more with a good credit standing, to either upgrade or downgrade, when they sell their present home.
(3) The deduction of most of your settlement cost. Please check with your Accountant.
(4) The deduction of mortgage interest. Please check with your Accountant.
(5) The deduction of your property taxes. Please check with your Accountant.
(6) Tax credit on energy saving home improvement. Please check with your Accountant.
(7) Above all your home can be a source of needed income, if you have an adequate equity on your home.
Now you can see why it’s better to own, when it comes to tax benefits.
GLOBE –PRO REALTORS will work with you to achieve your financial objectives.
Just Remember, we will come to you, if you are too busy to come to us.
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